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Triangle Business Journal
Duke easily tops UNC, NC State for employee pay
Duke University has the highest pay among colleges and universities in North Carolina with its staff earning an average of more than $92,000 per year.<\p> That’s according to a recent Business Journals analysis of fiscal year 2023 U.S. Department of Education data for public and private universities. <\p>
Coastal NC city pays more than $1 million for 1 acre. Here's why
A growing city on the North Carolina coast has invested in land to expand its electric operations to keep up with an influx of new residents.<\p> The City of New Bern recently spent $1.4 million to acquire 1.34 acres on a lot at 212 Kale Road, according to Craven County deed records. The sellers are Refreshing Lives Church and Born Again Ministries, and the property comes with three small buildings.<\p>
Big changes at Village District in Raleigh
An iconic shopping area in Raleigh that's celebrating its 75th year is seeing some dramatic changes. <\p> At one end of the Village District, The Oberlin hotel is starting to come out of the ground where the K&W Cafeteria was once located. The hotel is planned to have 153 guest rooms and rise seven stories.<\p>
Waddell resigns as GM of Carolina Hurricanes
The Carolina Hurricanes are making a change at the top following another second round exit from the Stanley Cup Playoffs. <\p> General Manager Don Waddell, who's led the organization since 2014, has resigned, Canes owner Tom Dundon announced Friday.<\p>
Real estate commissions shakeup will require more agent scrutiny
The National Association of Realtors and several brokerages have struck big money deals to settle an array of class-action lawsuits around real estate commissions.<\p> It might become harder for homebuyers to figure out how to pick the right agent to work with in the wake of the settlements. That's because the settlements, which now add up to hundreds of millions of dollars, will also bring with them changes in how buying agents are paid, how homes are listed and may require more buyers to pay for an agent directly when buying a home. And if buyers potentially shell out thousands of dollars or more, they will have to do their own due diligence.<\p>
Nonprofit leader in Raleigh charged with embezzlement
Court filings show a well-known community organizer in Raleigh is accused of embezzlement.<\p> Knightdale resident Kia Baker is accused of embezzling a total of just under $100,000 belonging to the Resiliency Collaborative, a mental health nonprofit in Raleigh where she served as co-executive director, according to an arrest warrant issued earlier in May.<\p>
Viewpoint: Higher exports will boost Carolina economy
While some economic metrics continue to offer good news to North Carolinians, others point in a different direction. Agricultural exports, for example, fell by $17 billion last year and appear to be on track for another decline of $8 billion or so this year.<\p> As U.S. Sen. Thomas Tillis and 21 of his colleagues pointed out in a letter to key Biden administration officials, some fluctuations in export markets are inevitable. But this two-year decline in ag exports sticks out like a sore thumb. They argued it was “directly attributable to and exacerbated by an unambitious U.S. trade strategy that is failing to meaningfully expand market access or reduce tariff and non-tariff barriers to trade.” <\p>
Could downtowns suffer because of 15-minute city concept?
In 2020, Paris, host to the 2024 Summer Olympics, embraced the 15-minute city concept, which revolves around a community where individuals can walk or ride to work, shop, dine and play — all within a 15-minute trip.<\p> The concept is not new — historical documents suggest similar concepts as far back as the 19th century. But we are in the 21st century, and the stakes are entirely different.<\p>
NW Cary heats up with more development
Residential development is pushing to the outer edges of northwest Cary as the town runs out of room.<\p> A new zoning application filed with the town seeks to rezone four parcels — one of which would be annexed from Chatham County into Cary's jurisdiction — to allow for a residential project with townhomes and single-family homes.<\p>
Durham public company raises $10M to accelerate sales
A medical technology company in Durham is issuing shares to bring in additional capital. <\p> Polarean Imagining has raised $10 million as it ramps up commercialization of its drug device combination product, Xenoview, which the U.S. Food and Drug Administration approved in late 2022. <\p>
To survive, Triangle malls embrace rise of 15-minute cities
Across the nation, Americans have witnessed a slow collapse of once thriving and popular malls and outdoor shopping centers.<\p> With the rapid rise of Amazon (Nasdaq: AMZN) and online shopping, brick-and-mortar stores have been disappearing, and Covid only accelerated that problem.<\p>
Durham's Structure House works to stem America's obesity problem
To celebrate her 76th birthday on May 24, Marcy Lambert is performing a tap dance at a community center in Pompano Beach, Florida. It’s a feat made even more impressive by the fact that the petite, 5-foot-5 former attorney went from weighing 259.5 pounds some 25 years ago to her goal weight of 105 pounds.<\p> She lost the weight and adopted a healthier lifestyle because of the time she’s spent at Structure House, a residential weight-loss program that has been in Durham since 1977. Lambert, who come August will have maintained her ideal 105-pound weight for 20 years, is a frequent participant at Structure House, which she describes as “a place of comfort and safety” that has become essentially a vacation destination she visits almost annually. <\p>
Biz: Club at Atlantic Beach builds for new era
Beachgoers to Atlantic Beach this Memorial Day weekend will see that an ocean-front club that has been a staple of beach life for decades is gone.<\p> The Coral Bay Club, a member-owned club that dates to 1958, demolished its longtime home and is building a new facility. The club has 625 members, with many from the Triangle. <\p>
What employers need to know about the crushing childcare costs
In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child-care options. <\p> But child-care costs are soaring, thanks to the child-care cliff, a lack of new child-care centers and workforce shortages in the industry, among other factors. <\p>
Why a Triangle county just spent $1 million on vacant land
The fastest-growing county in the Triangle area has made an investment to expand one of its business parks in order to attract more industry.<\p> Franklin County purchased a more than 87-acre tract between the Triangle North Executive Airport and Louisburg Road for roughly $1.2 million, according to deed records. Franklin County spokesman James Hicks said the county's Board of Commissioners approved the purchase during a meeting in early April.<\p>
Lawsuit clams migrant workers in NC escaped bug-infested motel
A group of migrant workers is suing multiple agriculture companies in federal court, accusing them of recruiting them from Mexico to North Carolina only to hold them without passports in bug-infested motels and not pay them what they'd been promised.<\p> The plaintiffs are suing multiple contractors and their owners, including S&M Harvesting and DMS Harvesting. Mote Plantation Farms, which companies like S&M and DMS contracted with, is also named as a defendant.<\p>
Raleigh businessman pivots from Zaxby's to luxury wellness
Ben Little is making the leap from chicken sandwiches to saunas and cold plunges.<\p> Since 2003, Little has grown his Zaxby’s franchise business to 14 locations in and around the Triangle. Now, he’s transitioning to something perhaps a little healthier. Last January, he signed a franchise agreement with SweatHouz, a sauna and cold plunge studio founded in 2019. Little plans to open 10 new SweatHouz locations in the Triangle within the next five years. <\p>
H&M offshoot buys Triangle startup, plans R&D center
Armed with $100 million in new capital, an offshoot of apparel brand H&M has emerged from stealth mode by acquiring a Triangle startup that gives it an instant R&D footprint in North Carolina.<\p> Syre, a sustainable venture that recently launched out of H&M and Swedish investment firm Vargas Holding, confirmed plans for a North Carolina operation in March, but declined to give details. The company, with a stated goal to “decarbonize and dewaste the textile industry through textile-to-textile recycling at hyperscale,” now confirms it has bought out UNC-Chapel Hill spin-out Premirr Plastics, a move that establishes an eventual presence in Mebane.<\p>
Transformation of Moore Square area gets construction start date
The reimagining of Moore Square in Raleigh is moving forward with a goal of starting construction in September 2025. <\p> Properties to the east and south of Moore Square, including City Market, that the city has identified will be redeveloped into affordable housing, hotels, a grocery store, retail and coworking space. Loden Development is the selected developer for the project.<\p>
Column: Discipline essential to long-term success
“Discipline” is one of those sharp-edged words that seems to stick in some people’s mouths. It conjures up images of drill sergeants and elementary school teachers with wooden rulers. You don’t hear it spoken often these days. But discipline is an essential characteristic of a successful family-owned business. <\p> Here are some of the ways it shows itself.<\p>
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